"This was the buyer's first purchase in Texas," says PatrickShort, a loan officer in the Austin office of BMC Capital, whichoriginated the loan. "We were able to arrange a 10-year fixed rateamortized over 30 years with only a five-year declining prepaymentpenalty to provide more flexibility in their hold strategy."


Built in 1974, Park Dale Garden has a mix of one- andtwo-bedroom units from 620 sf to 1,176 sf. Rents range from $499 amonth for the smallest one-bedroom, one-bath unit to $650 for atwo-bedroom, two-bath unit with den. Amenities include clubhouse,access gate, on-site laundry, night security patrol, swimming pool,playground and disability access. The complex is about 90% leased.The buyer plans to raise rents and make moderate interior andexterior improvements.


The list of properties sold by Tarragon recently include theVilla Tuscany Apartments and Deerwood Village Apartments inOrlando, FL for $72.9 million; Floresta Apartments in Jupiter for$60.2 million; a six-property portfolio in various Southeastmarkets for $156 million; and the Cason Estates Apartments inMurphreesboro, TN for $27 million. A national developer of homes,condominiums, townhomes and mixed-use communities with more than14,000 homes in development, the company has been facing liquidityproblems and was delisted by Nasdaq in January.


Tom Warren and Christopher Thomson with the Dallas office ofHendricks & Partners and Ed Cummins and Jim Hearn with thecompany's Houston office represented the seller in the transaction.Torrance, CA-based Copelan Group Inc. represented the buyer.

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